NSE tech glitch: Chairman Ashok Chawla says 'times are difficult'

NSE Chairman Ashok Chawla on Tuesday told employees that the exchange is passing through difficult times and resolved to deal with legacy technology issues and organisational stress, in an apparent reference to exit of senior executives amid probe into the co-location matter.

In his letter, which comes a day after a technical glitch forced the bourse to halt trading for over three hours, Chawla said on Monday's situation was handled effectively which is indeed the NSE's responsibility as the largest exchange.

"On Monday's technical glitch is, proverbially speaking, one more straw on the camel's back. While such a situation is a Black Swan event, it unfortunately puts the NSE in the spotlight for the wrong reasons," the letter said.

Noting that fiscal 2016-17 was a year of "many highs and lows", Chawla said the exchange did well financially and maintained robust market presence.

"At the same time, it has been a period of challenges - challenges on the organisational front, stress over the legacy technology issues, re-energising of relations with stakeholders across the spectrum from the regulator to shareholders," he said.